Market Update For May 13, 2026
The Nigerian equities market extended its bullish run on Wednesday, May 13, 2026, closing marginally higher as sustained buying interest in banking, consumer goods and selected industrial stocks outweighed pockets of profit-taking witnessed across some sectors of the market. The positive close further reinforced investor confidence in the domestic bourse, as institutional and retail investors continued to reposition portfolios in anticipation of stronger corporate earnings and dividend expectations for the second half of the year.
Market sentiment remained broadly optimistic throughout the trading session, supported by renewed accumulation in highly capitalised and fundamentally sound counters, particularly within the banking sector where investors maintained aggressive positioning. Stocks such as ACCESSCORP, FIRSTHOLDCO, UBA, ETI, ZENITHBANK and WEMABANK recorded impressive gains amid strong demand pressure, reflecting sustained confidence in the sector’s earnings resilience despite the challenging macroeconomic environment.
The consumer goods sector also contributed significantly to the market’s positive performance as investors renewed interest in defensive and value-driven counters. Nigerian Breweries, PZ Cussons and Unilever Nigeria attracted notable buying momentum following improved market sentiment surrounding consumer-facing companies expected to benefit from easing supply chain pressures and gradual stabilisation in operating costs. Similarly, industrial and energy-linked stocks continued to enjoy investor patronage, with ARADEL and BERGER posting strong gains amid rising global crude oil prices and expectations of improved sector earnings.
The market also witnessed increased speculative activities in low and medium-priced equities, particularly among stocks trading around new 52-week highs. FIDSON, LIVESTOCK, BERGER, FTNCOCOA and UPDCREIT all traded above their previous yearly highs, an indication of strong momentum-driven demand and increased appetite for growth and recovery plays. This trend further highlights the broadening participation currently supporting the ongoing rally in the domestic market.
Despite the positive close, trading activity moderated slightly compared to the previous session as some investors adopted cautious positioning after the market’s recent strong rally. Nevertheless, turnover remained relatively robust, supported largely by heavy transactions in banking stocks and selected mid-cap counters. FIRSTHOLDCO emerged as the dominant stock for the session, accounting for a substantial share of both traded volume and value, while ACCESSCORP and UBA also recorded strong turnover levels as investors continued to rotate into liquid banking names.
The sustained bullish sentiment in the domestic market also mirrored improving investor appetite for risk assets amid ongoing macroeconomic adjustments and expectations that reforms introduced by policymakers could gradually begin to yield positive results for corporate earnings and economic stability. Investors appeared to be taking advantage of opportunities in undervalued and fundamentally attractive counters despite concerns surrounding inflationary pressure, elevated interest rates and exchange rate volatility.
In the global commodities market, crude oil prices traded mixed as investors closely monitored developments surrounding the fragile ceasefire situation in the Middle East and the high-level diplomatic meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing. Brent crude slipped marginally by 0.1% to trade at $107.63 per barrel, while U.S. West Texas Intermediate crude gained 0.4% to settle around $102.62 per barrel.
Oil prices have continued to hover above the $100 per barrel threshold following the prolonged geopolitical tensions involving Iran, Israel and the United States, which have significantly disrupted global energy supply chains and heightened concerns around the security of the Strait of Hormuz — one of the world’s most critical oil transit routes. Market analysts maintained that the oil market remains extremely sensitive to geopolitical developments, with any escalation capable of triggering fresh supply fears and stronger price rallies.
Supporting the bullish oil outlook, the International Energy Agency disclosed that global oil supply conditions remain tight due to disruptions in Middle Eastern production and declining Russian output caused by intensified Ukrainian drone attacks on energy infrastructure. According to the agency, global inventories have witnessed significant declines in recent months, reinforcing concerns over supply adequacy in the global market. However, OPEC revised downward its 2026 global oil demand growth forecast, creating a somewhat mixed outlook for the energy market.
For the Nigerian market, sustained high crude oil prices remain broadly supportive for fiscal revenue expectations, external reserves and energy-linked equities, particularly upstream oil companies listed on the NGX. This has continued to support investor sentiment toward energy and industrial stocks with direct or indirect exposure to the oil sector.
Technical Analysis and Market Outlook
Technically, the NGX All-Share Index continues to trade within a strong upward channel, sustaining its bullish structure above the key 252,000 psychological support level. The market’s resilience despite intermittent profit-taking reflects underlying strength in investor sentiment and the continued dominance of institutional buying activities.
Momentum indicators remain positive, although the slight decline in trading volume suggests investors are becoming more selective at current elevated market levels. The relative strength in banking and consumer goods counters indicates sustained sector rotation, while the increasing number of stocks hitting fresh 52-week highs reflects broad-based participation in the ongoing rally.
The banking sector remains the market’s major driver, supported by strong earnings expectations, recapitalisation prospects and continued foreign and institutional interest in highly liquid financial stocks. Consumer goods equities are also beginning to attract renewed attention as investors position ahead of potential improvements in consumer spending patterns and cost management by corporates.
Going into subsequent sessions, the market is expected to maintain its positive bias, supported by sustained liquidity inflow, earnings expectations and improving investor appetite for equities relative to fixed-income instruments. However, the possibility of intermittent profit-taking cannot be ruled out as some highly capitalised stocks continue to trade within overbought territory after the recent extended rally.
Investors are also expected to continue monitoring developments in the global oil market, movements in Treasury yields, inflation trends, exchange rate stability and policy direction from monetary authorities, all of which remain key drivers of market sentiment in the near term.
The NGX All-Share Index gained 0.04% to close at 252,508.19 basis points from 252,411.67 points recorded in the previous session, while market capitalisation advanced to N64.14 trillion and the year-to-date return strengthened further to 62.27%. Market breadth closed positive with 39 gainers outperforming 30 losers, reflecting sustained bullish sentiment across the market. Total volume traded declined by 6.70% to 1.89 billion shares valued at N117.80 billion exchanged in 82,203 deals. FIRSTHOLDCO led the activity chart with 575.19 million shares worth N44.42 billion, accounting for 30.40% and 37.71% of total market volume and value respectively, while ACCESSCORP and UBA followed in traded volume, with MTNN and NGXGROUP ranking behind FIRSTHOLDCO in traded value. Top gainers for the session included CWG (+10.00%), DAARCOMM (+10.00%), FIDSON (+10.00%), LIVESTOCK (+10.00%), IKEJAHOTEL (+10.00%), UHOMREIT (+10.00%), NB (+9.94%), PZ (+9.55%), UNILEVER (+7.67%), ARADEL (+6.89%), BERGER (+6.66%), ACCESSCORP (+6.22%), FIRSTHOLDCO (+5.97%), WEMABANK (+5.11%), ETI (+4.73%), VITAFOAM (+4.30%), UBA (+3.55%), EUNISELL (+2.91%), TIP (+2.47%), ZENITHBANK (+2.27%), UACN (+2.12%), DANGSUGAR (+1.23%) and MTNN (+0.04%). On the losers’ table, NCR led the decliners alongside other profit-taking activities recorded across selected consumer goods, ICT and industrial stocks.
